The World Economic Forum estimates criminal activities at US$2 trillion globally, yet few are held to account with less than 1% of proceeds being seized by law enforcement. Addressing this immense challenge, Griffith University and the Commonwealth Bank of Australia (CBA) have partnered to create the Academy of Excellence in Financial Crime Investigation and Compliance. This Academy is unique in its industry-informed, holistic approach, integrating forensic accounting, criminology, and cybersecurity to deliver comprehensive education, research, and engagement programs. By training existing investigators and building a strong talent pipeline, the Academy directly addresses the global workforce shortage in financial crime compliance, ensuring graduates are industry-ready. The Academy co-designed interdisciplinary micro-credentials for CBA’s frontline staff across Australia, India, and New Zealand, focusing on experiential learning. These innovative programs use realistic scenarios to enhance participants' ability to identify and counter diverse financial crime typologies. Over three years, approximately 2,500 employees will/have been trained through this capability uplift program. The success of this collaboration is evident as the Academy’s training components have been integrated into CBA’s workforce quality assurance processes and adopted by other financial institutions, including Bankwest and ASB. Additionally, Griffith University has pioneered Australia’s first undergraduate major and named Masters program in financial crime investigation and compliance, fostering a professional identity among financial crime investigators and compliance officers. Setting new standards in financial crime education and workforce development, this partnership not only strengthens the financial system against criminal exploitation but also builds safer communities by empowering professionals to protect the most vulnerable.
Finalist
Impactful Collaboration of the Year Award
The Academy of Financial Crime Investigation and Compliance
Finalist of the Impactful Collaboration of the Year Award
Griffith Business School - Australia
"Safeguarding communities from financial crime: Uplifting capability through industry partnerships."
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Summary
Key People
Professor Andreas Chai
Director
Academy of Excellence in Financial Crime Investigation and Compliance,
Griffith University
Professor Shireenjit Johl
Deputy Director
Academy of Excellence in Financial Crime Investigation and Compliance,
Griffith University
Associate Professor Jacqueline Drew
Deputy Director
Academy of Excellence in Financial Crime Investigation and Compliance,
Griffith University
Professor Ernest Foo
Deputy Director
Academy of Excellence in Financial Crime Investigation and Compliance,
Griffith University
Ms Danielle Clarke
Senior Manager (Strategic Partnerships)
Industry and External Engagement,
Griffith University
Mr David Noonan
Manager
Professional Learning Hub,
Griffith University
Ms Sarah Dunstan
Operations Manager
Academy of Excellence in Financial Crime Investigation and Compliance,
Griffith University
Ms Leah Grose
Executive Support Officer
Academy of Excellence in Financial Crime Investigation and Compliance,
Griffith University
Ms Sharon Thorpe
Chief Operating Officer
Financial Crime Compliance,
Commonwealth Bank of Australia
Mr Greg Hogarth
Senior Manager
Financial Crime Compliance,
Commonwealth Bank of Australia
Acknowledgements
To all the academic and professional staff, industry partners, students and volunteers who have contributed to the growth of the Academy and our efforts to detect, deter and disrupt financial crime.
Images
Griffith Business School
Partnership Meetings with CBA
Professor Caitlin Byrne, Pro Vice Chancellor (Business) speaking at an industry event
Delivering lectures on financial crime investigation and compliance
Senior University and Industry staff at the Academy Launch Event, November 2022
Members of the Academy's Industry Advisory Board
Delivering education campaigns to High School students
Meeting professionals and making industry connections through conferences
Delivering professional development workshops to MBA students, alumni and board members
Financial Crime Awareness Campaign attendees, June 2024
IMPACT STORY
Impacting lifes
Drug trafficking, human trafficking, fraud and scams have devastating impacts on the most vulnerable people in our society. These criminal activities are established for financial gain and our best defense against these horrific crimes is through the financial system.
The Academy strengthens the financial system against criminal exploitation. Our training programs have indirectly impacted millions of bank customers by equipping bank staff with the skills to better identify, detect, and report financial crime. A key focus of this training has been on combating child sexual exploitation, particularly in cases where funds are sent offshore. Our efforts in training bank investigators to detect and report such activities have been critical in addressing this heinous crime.
Beyond the immediate financial sector, our work alongside NGOs has grown awareness of financial crimes and equipped vulnerable segments of the community with the information and strategies they need to protect their businesses and families.
Our impact is also in inspiring future professionals and launching successful careers, such as a high school student who, after participating in our scam education program, decided to pursue a career in financial crime investigation, and a graduate who overcame significant financial hardship, secured a position as an Enhanced Due Diligence Analyst with a leading bank where they manage and mitigate financial crime risk. Another graduate found opportunities at a national intelligence agency where they are now contributing to community safety. Without these front-line staff, we have less defense against devastating crimes.
LEARNINGS
Lessons learned
The partnership between Griffith University and the Commonwealth Bank of Australia has been built on a solid foundation of values alignment, and a shared vision to uplift the capability of the entire Australian banking sector, to fight financial crime.
While the need was clear – to address financial crime and the serious current and predicted workforce shortage for trained specialists in this area – the solution required collaboration between traditionally separate disciplines and industries. A shared vision was vital to draw together three discipline areas from across the University to develop this program.
The importance of working with a values-aligned partner such as CBA was critical to achieve the success of the program, to invest the significant amount of time and resources into ensuring a quality, engaging and comprehensive training program could be developed, that also created a pathway for participants into a newly developed discipline area of financial/economic crime and create professional identity.
It has taken ongoing work and dedication to sustain and grow the partnership. As advancements are made in the industry, or criminals change their approaches, the partnership has extended into research and development of new approaches and strategies to fight financial crime. This has significantly contributed to inform the teaching of the micro-credentials and ensured that content is updated in real-time. With open dialogue, built on trust and respect, we continuously improve our ability to uplift capability to detect and deter financial crime in the global financial system and protect vulnerable communities.
FUTURE PLANS
What's coming?
The Academy of Excellence in Financial Crime Investigation and Compliance aims to be a leading centre in the Asia Pacific region, dedicated to combating financial crime through training, education, research and engagement. Our future plans emphasise the importance of strengthening public and private partnerships, both domestically and abroad, to foster a comprehensive approach to combating financial crime.
We recognise the need for accessible education and will be piloting a suite of short courses which provides affordable training alternatives for small organisations, NGOs, and individual learners. Additionally, are exploring a career readiness program to create pathways for graduates entering industry, ensuring they are well-prepared to make meaningful contributions in this much needed workforce.
Understanding the vulnerabilities within our society, we are developing specialised educational packages to support the most at-risk members of our community. To further protect communities and businesses, we aim to intensify our efforts to raise public awareness about financial crime, fraud and scams, equipping people with the knowledge needed to better safeguard themselves.
Our dedication to innovation and collaboration will continue to drive research and thought leadership in partnership with industry experts. This ongoing work will deepen our understanding of financial crime typologies, offender behaviours, and victim support, ensuring that our initiatives remain both impactful and informed by the latest developments. Through these combined efforts, we aim to build a safer, more equitable, and stable financial system for all.
